This week, the IRS issued guidance in Notice 2021-20 that can be relied upon for the Employee Retention Credit (ERC) for 2020 and we expect similar guidance for the 2021 credit. The credit is now available to a significantly higher number of employers, including those who received a PPP loan, whose: 1-Operations were fully [...]
Good tax professionals ask the right questions to ensure they understand your situation and can help you to the best extent the law allows. Given the host of pandemic-related tax changes for 2020, it’s good to keep these four questions below in mind. If your tax preparer doesn’t ask these questions in your tax organizer [...]
When a business moves its services online, it runs the risk of losing the close connection it had with customers. This affects customer loyalty and sometimes means lost revenue. Thanks to technology, some businesses have deployed artificial intelligence (AI) chatbots to keep customers engaged in a two-way conversation. What is an AI Chatbot?An AI chatbot is [...]
Several reforms to the popular Paycheck Protection Program (PPP) have just recently changed. Among other things, the administration is imposing a two-week moratorium on loans to companies with 20 or more employees and focusing on smaller businesses. It’s also changing several program rules to expand eligibility for the 100% forgivable PPP loans. The PPP [...]
Do not miss the new deduction for non-itemizers on 2020 returns. Also, be careful of the existing requirements to receive proper acknowledgement letters from charities that you have donated > $250 throughout the year, before you file your return. Even if you receive the letter before the due date of the return, it is [...]
